Wednesday, September 12, 2012

Lawler: Preliminary Table of Short Sales and Foreclosures for Selected Cities in August

by Calculated Risk on 9/12/2012 02:59:00 PM

CR Note: Yesterday I posted some distressed sales data for Sacramento. I'm following the Sacramento market to see the change in mix over time (short sales, foreclosure, conventional). There has been a clear shift to fewer distressed sales in Sacramento.

Economist Tom Lawler has been digging up similar data, and he sent me the following table today for several more distressed areas. For all of these areas the share of distressed sales is down from August 2011 - and for the areas that break out short sales, the share of short sales has increased (except Minneapolis) and the share of foreclosure sales are down - and down significantly in some areas.

Previous comments from Lawler:

Note that the distressed sales shares in the below table are based on MLS data, and often based on certain “fields” or comments in the MLS files, and some have questioned the accuracy of the data. Some MLS/associations only report on overall “distressed” sales.

Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas43.7%21.7%16.9%50.2%60.6%71.9%
Mid-Atlantic (MRIS)11.8%11.2%8.7%14.7%20.6%25.9%
Hampton Roads VA    24.4%29.3%
Charlotte    13.6%19.0%
Memphis  28.7%31.5%  
Birmingham AL  27.8%30.3%